Pursuits
Beer-Tax Boost Punishes Ambev Shares Before World Cup Games
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Brazil’s plan to boost beer taxes before hosting the World Cup soccer tournament sent Anheuser-Busch InBev NV’s local unit tumbling the most in five years.
The government will increase taxes on beverages including beer, soda and bottled water June 1 as part of efforts to increase revenue after suffering its first sovereign credit downgrade in a decade last month. The World Cup starts June 12, and the government forecasts 600,000 foreign tourists will attend games scheduled to be played in 12 Brazilian cities.